Latest news with #Polenergia
Yahoo
26-05-2025
- Business
- Yahoo
Equinor, Polenergia reach €6bn financial close for Bałtyk offshore wind projects
Equinor and Polenergia have announced the financial close for the Bałtyk 2 and Bałtyk 3 offshore wind projects with a combined value exceeding €6bn ($6.8bn). The transaction represents the largest project finance transaction in Poland's energy industry, according to Polenergia. The Bałtyk 2 and Bałtyk 3 projects, jointly developed by Equinor (50%) and Polenergia (50%), have secured project finance packages of over €3bn each. This milestone involves around 30 Polish and international financial institutions, including Bank Gospodarstwa Krajowego (BGK), European Investment Bank (EIB), and Nordic Investment Bank (NIB), alongside guarantees from the Polish export credit agency, KUKE, and cover policies from Euler Hermes. Polenergia CEO Adam Purwin said: 'We have secured financing from around 30 institutions - the biggest players in the international financial market — and obtained exceptionally favourable terms in what has been a challenging market in recent months. 'We are now entering the construction phase so that in three years, clean energy from state-of-the-art turbines will flow into Polish homes.' The Bałtyk 2 and Bałtyk 3 offshore wind farms, to be developed in parallel, will consist of 100 fixed-bottom turbines with a total capacity of 1.4GW. The projects were awarded Contracts for Difference in 2021, locking in power prices for 25 years, with inflation indexation. On 19 May, the joint venture partners took final investment decisions for both projects, advancing them into the full-scale construction phase. Equinor will oversee the construction and operation of the wind farms, with onshore construction already underway and marine operations set to commence next year. Equinor senior vice president for renewables Europe Trine Borum Bojsen said: 'With financial close reached for Bałtyk 2 and Bałtyk 3, the last important milestone is passed ahead of full-scale construction. 'We appreciate the strong interest and support from lenders. This underpins the attractiveness of the projects and the confidence in Polenergia and Equinor as developers.' The initiative is set to significantly bolster Poland's energy security and independence, with full commercial power production anticipated in 2028, providing power to more than two million Polish households. Equinor and Polenergia recently secured the final environmental decision for the development of the Bałtyk 1 offshore wind farm. With a planned capacity of up to 1.56GW, Bałtyk 1 is being prepared for Poland's offshore wind farm auction in 2025. "Equinor, Polenergia reach €6bn financial close for Bałtyk offshore wind projects" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
23-05-2025
- Business
- Yahoo
Financial close for Baltyk 2 and Baltyk 3
Equinor and Polenergia, the project's joint venture partners, have reached financial close for the Baltyk 2 and Baltyk 3 projects.
Yahoo
21-05-2025
- Business
- Yahoo
Equinor and Polenergia Reach Agreement on Offshore Wind Project in Poland
It was recently revealed that Equinor ASA (NYSE:EQNR) and Polenergia have reached an agreement on a wind energy project near the Polish coast. Let's shed some light on the development. A worker in a hard hat standing in front of a giant oil refinery, the stark blue sky and grey refinery in the background. It was announced on May 19, 2025, that Norway's Equinor ASA (NYSE:EQNR) and Poland's Polenergia have taken a significant step forward in advancing renewable energy in Poland by making a final investment decision to develop two offshore wind farms in the Baltic Sea. The commitment by the two energy companies marks a pivotal move in the Central European country's broader strategy to harness its substantial offshore wind potential, which the Polish Wind Energy Association estimates at 33 GW. The two wind farms, with a generation capacity of 720 MW each, are expected to cost around $7.2 billion. The projects will commence generating power in 2027 and reach full completion in 2028. Investors like Equinor ASA (NYSE:EQNR), Orsted, Orlen, and PGE are currently building 6 GW of offshore wind capacity on the Polish coast, which is expected to come online by the end of the decade. With over five decades of ocean engineering and project management expertise, Equinor ASA (NYSE:EQNR) is uniquely positioned to take a leading role in the offshore wind energy industry. The company's total renewables portfolio has the potential to produce 35-60 TWh in 2030, with two-thirds of this production coming from offshore wind. However, the Norwegian energy giant announced earlier this year that it plans to nearly halve its investments in renewables and low-carbon solutions to around $5 billion in total after project financing for 2025-2027, in an effort to boost returns for shareholders and adapt to an uneven energy transition. While we acknowledge the potential of EQNR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than EQNR and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks According to Hedge Funds. Disclosure: None. Sign in to access your portfolio
Yahoo
20-05-2025
- Business
- Yahoo
Equinor and Polenergia Reach Agreement on Offshore Wind Project in Poland
It was recently revealed that Equinor ASA (NYSE:EQNR) and Polenergia have reached an agreement on a wind energy project near the Polish coast. Let's shed some light on the development. A worker in a hard hat standing in front of a giant oil refinery, the stark blue sky and grey refinery in the background. It was announced on May 19, 2025, that Norway's Equinor ASA (NYSE:EQNR) and Poland's Polenergia have taken a significant step forward in advancing renewable energy in Poland by making a final investment decision to develop two offshore wind farms in the Baltic Sea. The commitment by the two energy companies marks a pivotal move in the Central European country's broader strategy to harness its substantial offshore wind potential, which the Polish Wind Energy Association estimates at 33 GW. The two wind farms, with a generation capacity of 720 MW each, are expected to cost around $7.2 billion. The projects will commence generating power in 2027 and reach full completion in 2028. Investors like Equinor ASA (NYSE:EQNR), Orsted, Orlen, and PGE are currently building 6 GW of offshore wind capacity on the Polish coast, which is expected to come online by the end of the decade. With over five decades of ocean engineering and project management expertise, Equinor ASA (NYSE:EQNR) is uniquely positioned to take a leading role in the offshore wind energy industry. The company's total renewables portfolio has the potential to produce 35-60 TWh in 2030, with two-thirds of this production coming from offshore wind. However, the Norwegian energy giant announced earlier this year that it plans to nearly halve its investments in renewables and low-carbon solutions to around $5 billion in total after project financing for 2025-2027, in an effort to boost returns for shareholders and adapt to an uneven energy transition. While we acknowledge the potential of EQNR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than EQNR and that has 100x upside potential, check out our report about this cheapest AI stock. READ NEXT: 10 Cheap Energy Stocks to Buy Now and 10 Most Undervalued Energy Stocks According to Hedge Funds. Disclosure: None. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
19-05-2025
- Business
- Reuters
Equinor, Polenergia agree on Polish offshore wind project
WARSAW, May 19 (Reuters) - Norway's Equinor ( opens new tab and Poland's Polenergia ( opens new tab made a final investment decision for the project to build two wind farms off the Polish coast of the Baltic Sea, the Warsaw-based company said on Monday. The two farms, each with a generation capacity of 720 megawatts are set to cost a total of about 6.4 billion euros ($7.20 billion) and start generating power in 2027 and be completed in 2028. Investors, including PGE, Orlen, Equinor and Orsted are developing 6 gigawatts (GW) of offshore capacity along the Polish coast set to come online by 2030 and auctions for projects in the second round are planned for 2025. Poland is boosting offshore potential in the Baltic Sea estimated to be as high as 33 GW, according to the Polish Wind Energy Association (PSEW). ($1 = 0.8883 euros)
